EBay’s First Quarter Earnings Report Beat Analysts’ Expectations; Company Raised its Full Year Revenue Forecast
On Tuesday, EBay Inc reported its quarterly earnings which surpassed the analysts' estimates. The company also raised its revenue forecast for the full-year. Its refurbish shopping platform has been successful in attracted more buyers which justified the growth concerns after it spun off PayPal Holdings Inc.
Chief Executive Devin Wenig said, the San Jose, California based e-commerce company has been executing plans in order to offer a wider range of brands and products along with added number of small business sellers on its online platform. The company is also allowing sellers to give a more comprehensive data and review of their products.
He said "One of the key foundational changes we're making to our marketplace platform to drive the most relevance, is the shift to be more product-based."
On Tuesday, the company's shares climbed four percent or more during the afterhours trading following the first quarter earnings report.
In July last year, EBay spun off PayPal, its electronic payment unit and since then was struggling with slow growth.
Net revenue of the company was $2.137 billion and that's a four percent increase compared to the $2.06 billion revenue in the same quarter last year. The analysts' prediction was $2.081billion.
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